There is a correction here for the total in the first problem, Ms. Moon should be 930,000 instead of 1, 130,000. Pls help me in this since I don't have any reference, I will review the answer that you will give. Thank you very much. Valuation of contributions of partners1. Mr. Sun and Ms. Moon formed a partnership. Theircontributions are as follows:Mr. SunMs. Moon400,000CashAccounts receivable250,000750,000180,000LandEquipmentTotal650,0001,130,000Additional information:• Only 80% of the accounts receivable is deemed collectible.• The land is stated at original cost. The fair value is P1,000,000.The partnership assumes a P250,000 unpaid mortgage on theland.Ms. Moon acquired the equipment on a long-term financingbasis. Ms. Moon promised to pay the unpaid principal balanceof P80,000 using her personal funds. The equipment is under-depreciated by P30,000.Requirement: Provide the journal entry to record the partner'scontributions.2. Use the information in problem '1'. The partners agreed to sharein profits and losses equally. A partner should make anadditional contribution in order for the partners' capitalbalances to reflect the partners' equal interests in thepartnership.Requirement: Which partner should makean additionalcontribution and by how much?

Partnership Contribution Partners can bring the capital in any form such as cash or other assets…

There is a correction here for the total in the first problem, Ms. Moon should be 930,000 instead of 1, 130,000. Pls help me in this since I don't have any reference, I will review the answer that you will give. Thank you very much.

There is a correction here for the total in the first problem, Ms. Moon should be 930,000 instead of 1, 130,000. Pls help me in this since I don't have any reference, I will review the answer that you will give. Thank you very much.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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